ING raises Azerbaijan economic growth forecast for 2025

ING Group, the largest banking group in the Netherlands, projects Azerbaijan's economic growth at 3% in 2025 and 2.5% in 2026, Report informs, citing ING.

Compared to previous forecasts, the GDP growth rate for 2025 has increased by 0.4 percentage points, while the forecast for 2026 has decreased by 0.3 percentage points.

Overall, ING forecasts Azerbaijan's average annual GDP growth at 2.75% for 2025-2026. The projected economic growth for Q1 2025 is 2%, Q2 is 3%, Q3 is 2.5%, and Q4 is 4.5%.

For comparison, the Ministry of Economy of Azerbaijan forecasts 3.5% GDP growth in 2025, while the Central Bank projects 3.3%.

International rating agencies have differing projections for Azerbaijan's economic growth in 2025-2026:

• S&P Global: 2% annually
• Fitch Ratings: 3% in 2025, 2.4% in 2026
• Moody's: 2.5% annually
• European Bank for Reconstruction and Development: 3% in 2025, 2.5% in 2026
• World Bank: 2.7% in 2025, 2.4% in 2026

Azerbaijan's economy grew by 4.1% in 2024, and in January-February 2025, it expanded by 0.2%